In a statement to BSE, Future Capital said that the purchaser has acquired all the assets and liabilities of Myra Mall for an enterprise value of around Rs 98 crore.

The sale comes in the wake of reports that the government deferred the clearance of Warburg Pincus' purchase of Future Capital, saying the Indian finance company must first hive off its wholly-owned real estate subsidiary.

A senior government official told ET that Future Capital cannot induct a foreign investor in the holding company if it continues to have a downstream arm engaged in real estate activity.

Indian rules do not permit foreign investment in real estate. However, foreign investors can invest in construction projects subject to strict riders such as a three-year lock-in, minimum capitalisation of $5 million for joint ventures and $10 million for wholly-owned subsidiaries, and development of at least 10 hectares of land.

Warburg, one of the biggest private equity investors in the world, announced last month that it was buying 53.67% of Future Capital at Rs 162 per share. The deal is size is estimated at about $110 million.

The stock price of Future Capital closed at Rs 153, almost flat from the previous close.